Analyst: The Bank of England does not need to accelerate the pace of interest rate cuts yet.

The latest UK employment data shows that the labor market continues to soften, but not to the extent that it would prompt the Bank of England to make substantial adjustments to interest rate prospects. Although Bank of England Governor Bailey recently stated in a speech that larger rate cuts depend on clear weakness, overall, the data tends to support quarterly rate cuts. The data shows that the unemployment rate has risen from 4.6% to 4.7%, with a decrease of 41,000 in the total number of employed individuals according to the UK Customs and Revenue Agency. However, the previous months' data has been revised from -109,000 to -25,000, which may be the most noteworthy development. Nevertheless, the trend of soft data remains evident, which will continue to put pressure on the British Pound. Therefore, pound bears are likely to maintain their advantage, especially against the Euro, and the downtrend in Euro/British Pound may be relatively shallow as the path of least resistance still leans towards the upside.